The British Columbia Teachers’ Pension Plan is increasing coverage for several optional retirement health benefits, effective Jan. 1, 2025.
Vision care coverage will increase by $100 to $400 every two calendar years, while hearing care is set to rise from $1,400 every four calendar years to $2,000, according to a press release, which noted plan members won’t have to pay a deductible for vision or hearing coverage. Paramedical services, which include counsellors and social workers, will increase to $1,500 every year, up from $1,000.
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Prescription drugs will be covered at 80 per cent up to $2,000 of expenses paid, combined with all other health expenses. After that, prescription drugs will be covered at 100 per cent up to an annual maximum of $20,000 per claimant. When a member’s prescription drug expenses reach $20,000 in a calendar year, prescription drugs won’t be covered by the plan for the remainder of that year. The plan sponsor is also removing its preferred arrangement on prescriptions with Costco Wholesale Canada Ltd.
Coverage for high-cost specialty drugs can be coordinated through provincial drug programs, financial support from the drug manufacturer or a spousal plan, said the release.
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